Classic car market vibrant for RM Auctions in 2009
RM Auctions, the world’s largest collector car auction house, marked its 30th anniversary in 2009 with a solid year of performance. RM generated over $190 million US in sales with unit volume in excess of 1,450 motor cars, which included 12 separate auctions in four different countries.
As many as 10 collector cars accounted for million-dollar-plus transactions at auction, and RM managed to smash its own world record for the highest price achieved at auction with the sale of the 1957 Ferrari 250 Testa Rossa , s/n 0714TR for $12.4 million at its renowned Ferrari: Leggenda e Passione event in Maranello, Italy in May.
World Records
In addition to setting the new overall world record for the most expensive motor car ever sold at auction, a number of other world records were achieved at RM events in 2009.
The sale of a historic 1952 Jaguar C-Type, s/n XKC-007 established a world record for a C-Type, selling for $2,530,000 at RM’s Sports & Classics of Monterey event in August.
A 1950 Aston Martin DB2 Team Car ‘VMF 64’ with Le Mans and Mille Miglia provenance, offered for the first time in 52 years at RM’s Automobiles of London in October, set a new auction world record for an Aston Martin DB2, achieving $910,745.
Earlier in the year, an award-winning 1932 Ford Model 18 Deluxe Three-Window Coupe doubled its original estimate, selling for a record price for a Ford Model 18 of $165,000 at RM’s Automobiles of Amelia Island sale.
Overall, RM proudly holds five of the top 10 records - and more significantly, four of the top five records - for the most expensive motor cars ever sold at auction.
“The market for ‘quality’ motor cars – exceptional, rare examples with important provenance and documentation – remains stable, with outstanding cars continuing to attract great prices at auction. While some segments of the market have experienced minor price adjustments, these have been an expected result of the overall economy,” said Ian Kelleher, President and Chief Operating Officer, RM Auctions.
Single-owner Collections
As specialists for estate and private collection sales, RM has attained considerable recognition in the collector car market by providing an unsurpassed level of marketing and cataloging services for such diverse clients as Formula One racing CEO Bernie Ecclestone, Orange County motoring legend Joe McPherson, broadcasting entrepreneur Art Astor, Michigan businessman John McMullen, the Gene Ponder collection, and the ‘Kustom Kulture’ collection of Jimmy and Danny Brucker.
RM added to its track record of successful single-owner sales with 100 percent sell-through rates at each of the two collections presented in 2009.
The Nick Alexander Woodie Collection kicked off Monterey’s famed classic car week achieving in excess of $7 million in total sales. The four-hour auction attracted spirited bidding as 51 magnificent pre- and post-war Ford & Mercury wood-bodied station wagons crossed the block before a packed house. The top-seller was a Dearborn award-winning 1946 Mercury Sportsman Convertible, the rarest Sportsman of all, which brought an impressive $368,500.
The Icons of Speed & Style event followed a month later when RM presented a ‘no-reserve’ single-owner collection of 80 American racers, hot rods and custom vehicles and 70 lots of period hot rod and ‘Kustom Kulture’ memorabilia to a standing-room-only crowd at the Petersen Automotive Museum, achieving total sales of nearly $7 million. A highlight of this event included the 1965 Dodge A100 Pickup Truck “Little Red Wagon” Wheelstander which exceeded its high estimate of $300,000 for a final sale price of $550,000.
Worldwide Presence
RM has a global footprint with offices in Canada, the United States and the United Kingdom as well as an established roster of auctions at prestigious venues across North America and Europe.
RM employs 80 people worldwide, featuring a team of experienced car specialists and accomplished staff providing service in six languages: English, Italian, French, Spanish, German and Turkish.
Over the past three decades, RM has created an international network of clients. In 2009, buyers, sellers and registered bidders represented 46 different countries from as far afield as the Russian Federation, Kuwait, Singapore, India, Uruguay, Scandinavia, Mexico, the Tunisian Republic, Australia and Bermuda.
In 2010 RM will continue to strengthen its market share with the addition of a new sale in Monaco on May 1 during the same weekend as the 7th Grand Prix Historique de Monaco.
“Since hosting our first European event in 2007, RM has experienced immense growth in the investment-grade segment of the market and rapidly increased its global client base,” said Max Girardo, Managing Director, RM Europe. “In response, the addition of the Monaco sale is the first element of RM’s European expansion strategy.”
